Coronavirus more serious for airline industry than 9/11 – BA boss

The coronavirus pandemic is more serious for the airline industry than 9/11 and the financial crash and jobs will be lost, the boss of British Airways has warned. Against the backdrop of the escalating outbreak, Chief executive Alex Cruz said in a video message to staff: “It is a crisis of global proportions like no other we have known.” “Please […]

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Wall Street jumps after worst day since 1987

(Reuters) – U.S. stock markets opened sharply higher on Friday after their worst daily selloff in more than three decades as investors hoped more fiscal easing would head off a global recession. The Dow Jones Industrial Average .DJI rose 773.20 points, or 3.65%, at the open to 21,973.82. The S&P 500 .SPX opened higher by 89.35 points, or 3.60%, at […]

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World stocks rise on spending hopes, still set for worst week since 2008

LONDON (Reuters) – World stocks bounced off their lows on Friday on hopes of more central bank stimulus and government spending, but were still set for their worst week since the 2008 financial crisis, with coronavirus panic-selling hitting nearly every asset class. European stock markets rose on hopes of a coordinated stimulus package from world governments after several sessions of […]

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MAS says it stands ready to ensure the stability of Singapore's financial system amid coronavirus spread

SINGAPORE – The Monetary Authority of Singapore said on Friday (March 13) that it “stands ready to ensure the orderly functioning of financial markets and the stability of the financial system in Singapore” as the coronavirus crisis deepens worldwide. It assured that the Singapore dollar money market and foreign exchange market are currently “functioning normally in the face of heightened […]

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Oil rises over 3% but set for biggest weekly thumping since 2008

TOKYO (Reuters) – Oil prices were set for their worst weekly drubbing since the 2008 financial crisis, despite rising over 3% on Friday, as investors fretted over evaporating demand from the coronavirus pandemic and a production ramp-up by top producers. Brent crude LCOc1 was up $1.12, or 3.4%, at $34.33 a barrel by 0728 GMT after falling more than 7% […]

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Wirecard says KPMG audit finds no manipulation in its financial statements

BENGALURU (REUTERS) – Wirecard said on Thursday (March 12) that auditing firm KPMG did not find any discrepancies in its audit of the company’s operations in India and Singapore as well as the Merchant Cash Advance and Digital Lending division. The largely completed special investigation has “not produced any substantial findings” that would require any correction to the company’s annual […]

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World markets plunge deepens as virus panic worsens

SINGAPORE (Reuters) – Asia’s stock markets crashed on Friday as panic gripping world financial markets deepened, and even haven assets such as gold and bonds were ditched to cover losses in the wipeout. Japan’s Nikkei .N225 was in freefall, dropping 10% and heading for its worst week since the 2008 financial crisis. Not one stock on the index is in […]

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No more nut rage: activist fund takes on family-controlled Korean Air

SEOUL (Reuters) – Days after photos of broken windows and smashed china hit the newsstands revealing a Christmas Day family squabble in the home of Korean Air’s late patriarch, an activist fund received an unsolicited offer to help unseat the current chairman. Heather Cho, eldest daughter of the founding family’s late patriarch, made the proposal to Korea Corporate Governance Improvement […]

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Wall Street sell-off batters bitcoin, pounds palladium as investors go to cash

NEW YORK (Reuters) – Crushing asset sell-offs ranging from bitcoin to precious metals and European stocks accompanied Wall Street’s slide into bear market territory on Thursday, as investors liquidated positions across their portfolios to raise cash. Bitcoin BTC=BTSP dropped 26%, marking its largest fall in seven years, as fears of the coronavirus’ economic impact unnerved investors. Palladium and platinum – […]

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United to scale back flights to Europe after March 19

CHICAGO (Reuters) – United Airlines Holdings Inc (UAL.O) said on Thursday it will continue to fly its regular schedule from Europe to the United States through March 19 but is scaling back flights after that date. United said it is continuing to monitor travel demand, which has fallen sharply as the coronavirus spreads globally and is expected to decline even […]

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